No, Dezonus, actually. Speed is more like an estimate than anything. Even if a weapon has 0 Damage it still injures because of speed alone, depending on how fast the projectile is going, and MM has air-resistance and gravity in effect which complicate the stats. even more.
There is no truly solid way to gauge the damage Speed inflicts unless you're talking about a very fast projectile almost unaffected by gravity and air resistance, or a melee weapon. Even the Knife is sometimes not lethal if thrown at an enemy far away.